Ethereum corrected lower below the $380 level, but it found support near $365 against the US Dollar. ETH price is currently rising, but it must surpass the key $380 zone for a strong upward move.
- Ethereum is currently recovering from $365 and trading above the $372 level.
- The price is facing a strong resistance near the $380 zone and the 100 hourly simple moving average.
- There is a key declining channel forming with resistance near $380 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to climb higher towards $400 if it clears the $380 confluence resistance.
Ethereum Price Approaching Major Hurdle
In the past few sessions, Ethereum saw a steady decline from the $395 zone. ETH price broke the key $380 support level and settled below the 100 hourly simple moving average.
There was also a break below the $370 level, but ether price found support near the $365 level. A low is formed near $365 and the price is currently recovering higher. It broke the $370 level, plus the 23.6% Fib retracement level of the downward move from the $388 high to $365 low.
An immediate resistance is near the $375 level. The 50% Fib retracement level of the downward move from the $388 high to $365 low is also near the $376 level to act as a hurdle.
<img alt="Ethereum Price" class="alignnone size-full wp-image-439092" data-lazyloaded="1" data-sizes="(max-width: 1828px) 100vw, 1828px" data-src="https://www.cryptotelegraph.com/wp-content/uploads/2020/09/Ethereum-17-45.png" data-srcset="https://www.cryptotelegraph.com/wp-content/uploads/2020/09/Ethereum-17-45.png 1828w, https://www.newsbtc.com/wp-content/uploads/2020/09/Ethereum-17-460×218.png 460w, https://www.newsbtc.com/wp-content/uploads/2020/09/Ethereum-17-860×408.png 860w, https://www.newsbtc.com/wp-content/uploads/2020/09/Ethereum-17-768×365.png 768w, https://www.newsbtc.com/wp-content/uploads/2020/09/Ethereum-17-1536×729.png 1536w,
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